Financial Data and Key Metrics Changes - The company has seen an increase in demand for tower space in 2024 compared to 2023, indicating a constructive dialogue with customers regarding densification [5] - The company reported record levels of organic new business in 2023, contributing approximately $230 million, which is over 5% of organic growth [21] - The company has successfully reduced its leverage from approximately 6.8x to around 5x, enhancing its balance sheet strength [17] Business Line Data and Key Metrics Changes - The company has experienced attractive growth on a per site basis, particularly with the transition from 4G to 5G, which has shown about a 10% increase on average [9] - The company has maintained comprehensive agreements with major carriers, which provide visibility into growth and mitigate the impact of market fluctuations [26] Market Data and Key Metrics Changes - The company has observed a significant increase in applications for tower upgrades, with a 70% increase in Q1 compared to Q4 of the previous year [24] - The company anticipates a reacceleration in activity for 2024, following a pullback in spending in 2023 [23] Company Strategy and Development Direction - The company is focused on maintaining long-term real estate rights to monetize future generations of technology, including 6G and beyond [11] - The company is investing in AI and data quality to enhance customer experience and operational efficiency [7] - The company views the convergence of fiber and wireless as an expanding opportunity for infrastructure, although it remains cautious about the economic viability of dedicating capital to fixed wireless access [47][50] Management's Comments on Operating Environment and Future Outlook - Management acknowledges sensitivity to interest rate movements and inflation, but believes the company has a recession-proof business model due to the critical need for connectivity [13][17] - The company expects the densification phase of 5G to begin around 2026-2028, with ongoing upgrades in the interim [28] Other Important Information - The company has received upgrades from S&P to BBB and Moody's has extended tolerance for leverage, reflecting the company's efforts to strengthen its balance sheet [18] - The company is committed to maintaining a 3% fixed escalator in U.S. contracts, which has served well over the past 15 years [15] Q&A Session Summary Question: Will sector M&A grow when the Fed cuts? - Management believes yes [2] Question: When do you expect that to happen? - Management anticipates it will occur sometime next year [4] Question: Is demand for tower space increasing, steady, or decreasing? - Management indicates that demand is increasing for 2024 compared to 2023 [5] Question: How does the tower sector respond to economic variances like recession or hyperinflation? - Management states that the company has predictable cash flows and has proven to be recession-proof [12][17] Question: How does the company view the 5G cycle? - Management believes the 5G investment cycle is playing out as expected, with a peak for coverage in 2022 and a focus on densification to follow [20] Question: What is the outlook for growth in 2025? - Management expects growth in 2025 to be similar to 2024, with a gradual shift towards densification [30]

American Tower Corporation (NYSE:AMT) Bank of America 2024 Global Real Estate Conference September 10, 2024 1:30 PM ET Company Participants Adam Smith - Senior Vice President, Corporate Finance and Investor Relations Conference Call Participants Dave Barden - Bank of America Dave Barden All right. Welcome everybody. Thank you for joining. I'm Dave Barden. I head up communications, infrastructure and telecommunications research for the U.S. and Canada for Bank of America. I'm kind of moonlighting here at Jef ...

American Tower Corporation (NYSE:AMT) Goldman Sachs Communacopia + Technology Conference September 9, 2024 4:45 PM ET Company Participants Steve Vondran - Chief Executive Officer Conference Call Participants Jim Schneider - Goldman Sachs Jim Schneider Okay, great. Hey, good morning, everybody, or good afternoon, everybody. Welcome to the Goldman Sachs Communacopia and Tech Conference. It's my pleasure to introduce American Tower and CEO Steve Vondran with us today. We're really -- pleasure to have you. Than ...

American Tower (AMT) closed at $236.16 in the latest trading session, marking a +1.08% move from the prior day. The stock outpaced the S&P 500's daily loss of 1.73%. Elsewhere, the Dow lost 1.01%, while the tech-heavy Nasdaq lost 2.55%.Heading into today, shares of the wireless communications infrastructure company had gained 4.49% over the past month, lagging the Finance sector's gain of 8.45% and the S&P 500's gain of 6.22% in that time.The investment community will be closely monitoring the performance o ...

American Tower Corporation (NYSE:AMT) Citi's 2024 Global TMT Conference September 4, 2024 2:10 PM ET Company Participants Steve Vondran - President & CEO Conference Call Participants Michael Rollins - Citi Michael Rollins Welcome to Citi's 2024 Global TMT Conference. For those of you I haven't met yet, I'm Mike Rollins with Citi Research and we're pleased to welcome American Tower's President and CEO, Steve Vondran. Steve, thank you so much for joining us. Steve Vondran Well, thanks for the invite. It is go ...

American Tower Corporation (NYSE:AMT) Citi's 2024 Global TMT Conference September 4, 2024 2:10 PM ET Company Participants Steve Vondran - President & CEO Conference Call Participants Michael Rollins - Citi Michael Rollins Welcome to Citi's 2024 Global TMT Conference. For those of you I haven't met yet, I'm Mike Rollins with Citi Research and we're pleased to welcome American Tower's President and CEO, Steve Vondran. Steve, thank you so much for joining us. Steve Vondran Well, thanks for the invite. It is go ...

American Tower Corporation (NYSE:AMT) Bank of America's 2024 Media, Communications and Entertainment Conference Call September 5, 2024 9:40 AM ET Company Participants Steven Vondran - President and Chief Executive Officer Conference Call Participants David Barden - Bank of America David Barden [Abrupt start] joining us again. We're super pleased to have Steve Vondran, President and CEO from American Tower, joining us. Kind of playing cleanup for our Tower guests at the conference this year. Steve, thanks so ...

American Tower Corporation (NYSE:AMT) Bank of America's 2024 Media, Communications and Entertainment Conference Call September 5, 2024 9:40 AM ET Company Participants Steven Vondran - President and Chief Executive Officer Conference Call Participants David Barden - Bank of America David Barden [Abrupt start] joining us again. We're super pleased to have Steve Vondran, President and CEO from American Tower, joining us. Kind of playing cleanup for our Tower guests at the conference this year. Steve, thanks so ...

American Tower (AMT) could be a solid addition to your portfolio given its recent upgrade to a Zacks Rank #2 (Buy). This rating change essentially reflects an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years.Since a cha ...

The month of September is, infamously, a period of weak seasonality for the stock market. According to Dow Jones Market Data, the Dow Jones Industrial Average (DJI) finished the month higher just 41.7% of the time dating back to 1987, while the S&P 500 Index (SPX) rose only 44.3% of the time since 1928. In addition, the indexes averaged a monthly deficit of 1.1% and 1.2%, respectively. One of the most unfavorable stocks to own in September is real estate investment trust (REIT) American Tower Corp (NYSE:AMT ...